Ohio State University Extension Factsheet

Ohio State University FactSheet

Family and Consumer Sciences

1787 Neil Avenue, Columbus, OH 43210-1295

Net Worth

MM-10-02

The net worth statement is a summary of your financial position at a particular point in time (on a given date). It is a list of all your financial assets (what you own) and all of your financial liabilities (the debts that you owe). Net worth is the dollar amount you have when you subtract everything you OWE from everything you OWN. You will need this information when you:
  • borrow money;
  • apply for a home mortgage;
  • determine insurance needs;
  • plan your retirement;
  • write your will and determine estate planning needs in the event of death, divorce, or remarriage;
  • settle a divorce.

What Are Your Assets?

Assets are any financial or material possessions that have monetary value. On the net worth statement the value is listed at the current market value, not what you paid for them. Assets include things such as:

  • Cash on hand or in savings accounts (including certificates of deposit or checking accounts)
  • Stocks, bonds, mutual funds
  • Cash (not face) value of life insurance
  • Money others owe to you
  • Annuities, retirement plans
  • Employee benefits such as company stocks
  • Your home
  • Other real estate and business interests
  • Automobiles, trucks, other vehicles
  • Household furnishings, antiques, jewelry, books, coins, artworks, etc.

What Are Your Liabilities?

Liabilities are the financial obligations or debts you owe to other persons or institutions.

  • Mortgages
  • Installment loans (cash advances, auto, etc.)
  • Department store and credit card debts
  • Taxes owed
  • Unpaid bills (medical, utilities, etc.)
  • Any other liabilities

To view net worth calculation forms, click here.

Any opinions, findings, conclusions, or recommendations expressed in this publication are those of the author(s) and do not necessarily reflect the view of the U.S. Department of Agriculture

All educational programs conducted by Ohio State University Extension are available to clientele on a nondiscriminatory basis without regard to race, color, creed, religion, sexual orientation, national origin, gender, age, disability or Vietnam-era veteran status.

Keith L. Smith, Associate Vice President for Ag. Adm. and Director, OSU Extension.

TDD No. 800-589-8292 (Ohio only) or 614-292-1868


| Ohioline | Search | Fact Sheets | Bulletins |